Ahh, Love. The promise of a beautiful, bright future with your beloved. And in Singapore, a proposal almost always come with the next question - Do we stay with our parents or do we get our own place?
A conundrum faced by many a couple here in Singapore, Zul and Julia are newly-weds, ready to start their own family. The couple is currently living with Julia’s parents. Julia finds it comfortable but Zul wants an apartment of their own. Will the couple opt for a BTO, a resale flat or continue living with Julia’s parents?
This episode highlights the decisions that many young Singaporean couples go through. Torn between filial piety and the need for privacy and space, we see the different perspectives; from aged parents to their newly married children. Amongst the many factors one faces before buying a HDB (Housing Development Board) home include price as well as neighbourhood infrastructure (transport, access to schools, markets and other daily necessities). Then there is question of 1) Do they continue to live with their parents 2) purchase a unit in a mature neighbourhood or 3) purchase a BTO (Build to Order). Each decision comes with its own set of pros and cons.
The HDB was launched in 1960 to address the housing needs of a growing population. Over the years, it has housed more than 80% of the country’s population and has introduced various housing schemes from BTO (Build to Order) to the DBSS.
BTOs are often the preferred choice for many a newly married couple. These Build to Order units are introduced to allow for flexibility in timing and location. New buyers can select their preferred homes in locations that suit them from various site launches within a specified neighbourhood. Think of it as reserving a seat at a dinner party that will be only take place once the organisers have received an interest level of 70%! BTO units are offered at lower prices and they have a longer lease when compared to resale units.
Suppose you decide to purchase a unit. HDB offers several financing options, including grants and joint-tenancy agreements.
These are just some factors when deciding your next home. For housing and property related matters, please contact Risdian Isbintara, an award-winning realtor for a consultation.
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